Fourth Quarter and Full Year 2022 Financial Results Call March 23, 2023 CONFIDENTIAL & PRIVATE
2 Safe Harbor Statement This presentation and the accompany ing oral presentation includes f orward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the saf e harbor prov isions of the U.S. Priv ate Securities Litigation Ref orm Act of 1995, that relate to our current expectations and v iews of f uture ev ents. All statements other than statements of historical f acts contained in this presentation, including statements regarding when juris dictions in North America or elsewhere may launch online iGaming or sports betting and/or when af f iliate marketing will be permitted in those states, how many M&A transactions we can execute in any giv en y ear, if any , the success of our new domains, our belief of our ability to perf orm at the start of new U.S. state launches, the success of our media partnerships, to repurchase of ordinary shares, our 2023 outlook, and f uture results of operations and f inancial position, whether we can sustain our organic growth and make accretiv e acquisitions, industry dy namics, business strategy and plans and our objectiv es f or f uture operations, are f orward-looking statements. These statements represent our opinions, expectations, belief s, intentions, estimates or strategies regarding the f uture, which may not be realized. In some cas es, y ou can identif y f orward-looking statements by terms such as “believ e,” “may ,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “could,” “will,” “would,” “ongoing,” “f uture” or the negativ e of these terms or other similar expressions that are intended to identif y f orward-looking statements, although not all f orward-looking statements contain these identif y ing words. Forward-looking statements are based largely on our current expectations and projections about f uture ev ents and f inancial trends that we believ e may af f ect our f inancial condition, results of operations, business strategy , short-term and long-term business operations and objectiv es and financial needs. These f orward-looking statements inv olv e known and unknown risks, uncertainties, contingencies, changes in circumstances that are dif f icult to predict and other important f actors that may cause our actual results, perf ormance or achiev ements to be materially and/or signif icantly different from any f uture results, perf ormance or achiev ements expressed or implied by the f orward-looking statement. Such risks uncertainties, contingencies, and changes in circumstances are discussed under “Item 3. Key Inf ormation - Risk Factors” in our annual report f iled on Form 20-F f or the y ear ended December 31, 2022 with the US Securities and Exchange Commission (the “SEC”) on March 23, 2023, and our other f ilings with the SEC as such f actors may be updated f rom time to time. Moreov er, we operate in a v ery competitive and rapidly changing env ironment. New risks emerge f rom time to time. It is not possible f or our management to predict all risks, nor can we assess the impact of all f actors on our business or the extent to which any f actor, or combination of f actors, may cause actual results to dif f er materially f rom those contained in any f orward-looking statements we may make. In light of these risks, uncertainties and assumptions, the f orward-looking ev ents and circumstances discussed in this presentation may not occur and actual results could dif f er materially and adv ersely from those anticipated or implied in the f orward-looking statements. We caution y ou theref ore against rely ing on these f orward- looking statements, and we qualif y all of our f orward-looking statements by these cautionary statements. The f orward-looking statements included in this presentation are made only as of the date hereof . Although we believ e that the expectations ref lected in the f orward-looking statements are reasonable, we cannot guarantee that the f uture results, lev els of activity, perf ormance or ev ents and circumstances ref lected in the f orward-looking statements will be achiev ed or occur. Moreov er, neither we nor our adv isors nor any other person assumes responsibility f or the accuracy and completeness of the f orward-looking statements. Neither we nor our adv isors undertake any obligation to rev ise, supplement or update any f orward-looking statements f or any reason af ter the date of this presentation to conf orm these statements to actual results or to changes in our expectations, ev en if new inf ormation becomes av ailable in the f uture, except as may be required by law. You should read this presentation with the understanding that our actual f uture results, lev els of activity, perf ormance and ev ents and circumstances may be materially dif ferent f rom what we expect. Unless otherwise indicated, inf ormation contained in this presentation concerning our industry , competitiv e position and the markets in which we operate is based on inf ormation f rom independent industry and research organizations, other third-party sources and management estimates. Management estimates are deriv ed f rom publicly av ailable inf ormation released by independent industry analy sts and other third-party sources, as well as data f rom our internal research, and are based on assumptions made by us upon rev iewing such data, and our experience in, and knowledge of , such industry and markets, which we believ e to be reasonable. In addition, projections, assumptions and estimates of the f uture perf ormance of the industry in which we operate and our f uture perf ormance are necessarily subject to uncertainty and risk due to a v ariety of factors, including those described abov e. These and other f actors could cause results to dif f er materially from those expressed in the estimates made by independent parties and by us. Industry publications, research, surv ey s and studies generally state that the inf ormation they contain has been obtained f rom sources believ ed to be reliable, but that the accuracy and completeness of such inf ormation is not guaranteed. Forecasts and other f orward-looking inf ormation obtained f rom these sources are subject to the same qualif ications and uncertainties as the other f orward-looking statements in this presentation. The trademarks included herein are the property of the owners thereof and are used f or ref erence purposes only . Non-IFRS Financial Measures - Management uses sev eral f inancial measures, both IFRS and non-IFRS f inancial measures, in analy zing and assessing the ov erall perf ormance of the business and f or making operational decisions. Adjusted Operating Expense is a non-IFRS measure def ined as operating expense excluding the f air v alue gain or loss related to contingent consideration. Adjusted Operating Prof it is a non-IFRS f inancial measure def ined as operating prof it excluding the f air v alue gain or loss related to the contingent consideration. Adjusted Net Income is a non-IFRS f inancial measure def ined as net income attributable to equity holders excluding the f air v alue gain or loss related to contingent consideration and unwinding of def erred consideration. Adjusted net income per diluted share is a non-IFRS f inancial measure def ined as adjusted net income attributable to equity holders div ided by the diluted weighted av erage number of common shares outstanding. EBITDA is a non-IFRS f inancial measure def ined as earnings excluding interest, income tax charge, depreciation, and amortization. Adjusted EBITDA is a non-IFRS f inancial measure def ined as EBITDA adjusted to exclude the ef f ect of non-recurring items, signif icant non-cash items, share-based pay ment expense and other items that our board of directors believ es do not ref lect the underly ing perf ormance of the business. Adjusted EBITDA Margin is a non-IFRS measure def ined as Adjusted EBITDA as a percentage of rev enue. We believ e EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are usef ul to our management team as a measure of comparativ e operating perf ormanc e f rom period to period as those measures remov e the ef f ect of items not directly resulting f rom our core operations including ef f ects that are generated by dif f erences in capital structure, depreciation, tax ef f ects and non-recurring ev ents. While we use EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin as tools to enhance our understanding of certain aspects of our f inancial perf ormance, we do not believ e that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are substitutes f or, or superior to, the inf ormation prov ided by IFRS results. As such, the presentation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin is not intended to be considered in isolation or as a substitute f or any measure prepared in accordance with IFRS. The primary limitations associated with the use of EBITDA, Adjus ted EBITDA and Adjusted EBITDA Margin as compared to IFRS results are that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin as we def ine them may not be comparable to similarly titled measures used by other companies in our industry and that EBITDA, Adjus ted EBITDA and Adjusted EBITDA Margin may exclude f inancial inf ormation that some inv estors may consider important in ev aluating our perf ormance. With regards to f orward-looking non-IFRS guidance, we are not able to reconcile the f orward looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable ef f orts because we are unable to predict the ultimate outcome of certain signif icant items including, but not limited to, f air v alue mov ements, share-based pay ments f or f uture awards, acquisition-related expenses and certain f inancing and tax items. Free Cash Flow is a non-IFRS f inancial measure def ined as cash f low f rom operating activ ities less capital expenditures, or CAPEX. We believ e Free Cash Flow is usef ul to our management as a measure of f inancial perf ormance as it measures our ability to generate additional cash f rom our operations. While we use Free Cash Flow as a tool to enhance our understanding of certain aspects of our f inanc ial perf ormance, we do not believ e that Free Cash Flow is a substitute f or, or superior to, the inf ormation prov ided by IFRS metrics. As such, the presentation of Free Cash Flow is not intended to be considered in isolation or as a substitute f or any measure prepared in accordance with IFRS. The primary limitation associated with the use of Free Cash Flow as compared to IFRS metrics is that Free C ash Flow does not represent residual cash f lows av ailable f or discretionary expenditures due to the f act that the measure does not deduct the pay ments required f or debt serv ice and other obligations or pay ments made f or business acquisitions. Free Cash Flow as we def ine it also may not be comparable to similarly titled measures used by other companies in the online gambling af f iliate industry . For such non-IFRS inf ormation in this presentation, see the tables at the end of this presentation under “Appendix: Financial Tables” f or reconciliations to the comparable IFRS numbers.
Q4 Quarter Highlights Q4 Financial Results Full Year Financial Results 2023 Outlook Appendix AGENDA 3CONFIDENTIAL & PRIVATE 4 - 8 9 10 11 12 - 20
4 Fourth Quarter Highlights Named 2022 EGR Sports Affiliate of the Year (1) Represents a non-IFRS financial measure. See ”Safe Harbor Statement - Non-IFRS Financial Measures” and the tables at the end of this presentation under “Appendix: Financial Tables” for reconciliations to the comparable IFRS numbers • Total revenue grew 107% to $21.3 million • Adjusted EBITDA(1) of $6.9 million, margin of 32% • Operating cash flow of $6.2 million • New Depositing Customers increased 193% to more than 82,000 compared to 28,000 in Q4 2021
5 Industry-Leading Organic Revenue Growth Sources: Publicly Traded Peers 1, 2 and 3 (Nasdaq Sw eden) Company's filings. 10% 8% 18% 50% Peer 1 Peer 2 Peer 3 Gambling.com Group Organic Revenue CAGR (2017 – 2021) -4% 11% 34% 39% Peer 1 Peer 2 Peer 3 Gambling.com Group FY 2022 YoY Organic Revenue Growth • In FY 2022, Gambling.com Group’s organic revenue growth was 39% compared to -4%, 11% and 34% for Publicly Traded Peers 1, 2 and 3. • Gambling.com Group has grown organic revenue at a compounded annual rate of 50% since 2017. That compares to 10%, 8% and 18% for Publicly Traded Peers 1, 2 and 3, respectively. • Our organic growth strategy involves prioritizing investments in our internal systems, products and teams. • We expect our premier, branded websites built on our proprietary technology systems will continue to deliver market leading organic growth.
6 Fourth Quarter Drivers Named 2022 EGR Sports Affiliate of the Year 544% 342% 299% 364% Q1 Q2 Q3 Q4 2022 YoY North America Revenue Growth by Quarter• North American revenue grew 364% to $10.0 million • Successful new market launch in Maryland and tailwinds from recent Kansas launch • UK and Ireland revenue increased 54% year over year to an all-time quarterly record … again • Contribution from the acquisition of BonusFinder ahead of plan and acceleration of performance marketing revenues from RotoWire
7 Diversified Portfolio of Premium Digital Media Assets: Partners Map represents notable w ebsites and is not an exhaustive list of all partner assets
8All w ebsites listed here are w holly ow ned by Gambling.com Group Diversified Portfolio of Premium Digital Media Assets: Owned
9 Q4 2022 Financial Results(1) (1) This table contains non-IFRS financial measures. See ”Safe Harbor Statement - Non-IFRS Financial Measures” and the tables at the end of this presentation under “Appendix: Financial Tables” for reconciliations to the comparable IFRS numbers. 2022 2021 Change Revenue (millions) $21.3 $10.3 107% Cost of Sales (millions) $0.6 $— 100% Operating Expense (millions) $21.0 $9.7 117% Operating Profit (Loss) (millions) $(0.3) $0.6 (149)% Net Income (Loss) (millions) $(4.4) $0.9 (609)% Net Income (Loss) per Diluted Share $(0.12) $0.02 (687)% Adjusted Operating Expense (millions) $16.7 $9.7 73% Adjusted Operating Profit (millions) $4.0 $0.6 544% Adjusted Net Income (Loss) (millions) $(0.01) $0.9 (102)% Adjusted Net Income per Diluted Share $— $0.02 (102)% Adjusted EBITDA (millions) $6.9 $1.8 278% Adjusted EBITDA Margin (% of Revenue) 32% 18% Cash from Operations (millions) $6.3 $1.2 432% Capital Expenditures (millions) $5.8 $3.0 (94%) Free Cash Flow (millions) $0.5 $(1.8) 125% New Depositing Customers (thousands) 82 28 193%
10 Full Year 2022 Financial Results(1) (1) This table contains non-IFRS financial measures. See ”Safe Harbor Statement - Non-IFRS Financial Measures” and the tables at the end of this presentation under “Appendix: Financial Tables” for reconciliations to the comparable IFRS numbers. 2022 2021 Change Revenue (millions) $76.5 $42.3 81% Cost of Sales $3.0 $— 100% Operating Expense (millions) $71.7 $30.9 132% Operating Profit (millions) $1.9 $11.4 (84)% Net Income (millions) $2.4 $12.5 (81)% Net Income per Diluted Share $0.06 $0.37 (86)% Adjusted Operating Expense (millions) $60.2 $30.9 95% Adjusted Operating Profit $12.7 $11.4 12% Adjusted Net Income (millions) $14.2 $12.5 14% Adjusted Net Income per Diluted Share $0.37 $0.37 —% Adjusted EBITDA (millions) $24.1 $18.4 31% Adjusted EBITDA Margin (% of Revenue) 31% 43% Cash from Operations (millions) $18.8 $14.0 34% Capital Expenditures (millions) $9.3 $5.6 (67)% Free Cash Flow (millions) $9.5 $8.4 12% New Depositing Customers (thousands) 273 117 133%
11 FY 2023 Outlook (1) • For 2022, revenue is expected to be in the range of $93-97 million, which implies growth of 22- 27% • For 2022, Adjusted EBITDA is expected to be in the range of $32-36 million, which implies growth of 33-50% Low Midpoint High FY 2022 Revenue (millions) $93.0 $95.0 $97.0 $76.5 Adjusted EBITDA (millions) $32.0 $34.0 $36.0 $24.1 Adjusted EBITDA Margin 34% 36% 37% 31% (1) This table contains non-IFRS financial measures. See ”Safe Harbor Statement - Non-IFRS Financial Measures” and the tables at the end of this presentation under “Appendix: Financial Tables” for reconciliations to the comparable IFRS numbers.
12CONFIDENTIAL & PRIVATE Appendix: Financial Tables
13 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD in thousands, except per share amounts) Three Months Ended December 31, Change Three Months Ended December 31, Change Year Ended Change Year Ended December 31, Change December 31, 2022 2021 % 2021 % 2022 2021 % 2021 % Revenue 21,349 10,291 107% 9,188 132% 76,507 42,323 81% 37,746 103% Cost of sales -629 — 100% — 100% -2,959 — 100% — 100% Gross profit 20,720 10,291 101% 9,188 126% 73,548 42,323 74% 37,746 95% Sales and marketing expenses -9,401 -4,632 103% -4,135 127% -33,740 -14,067 140% -12,546 169% Technology expenses -2,208 -1,190 86% -1,062 108% -6,764 -3,947 71% -3,520 92% General and administrative expenses -5,201 -3,877 34% -3,461 50% -19,519 -13,014 50% -11,607 68% Movements in credit losses allowance and write-offs 102 31 229% 28 264% -796 97 -921% 87 -1015% Fair value movement on contingent consideration -4,317 — 100% — 100% -10,852 — 100% — 100% Operating profit -305 623 -149% 558 -155% 1,877 11,392 -84% 10,160 -82% Finance income — 1,145 -100% 780 -100% 2,322 2,581 -10% 2,302 1% Finance expenses -4,434 -457 870% -166 2571% -1,299 -1,809 -28% -1,613 -19% Income before tax -4,739 1,311 -461% 1,172 -504% 2,900 12,164 -76% 10,849 -73% Income tax (charge) credit 330 -444 -174% -396 -183% -510 289 -276% 258 -298% Net income for the period attributable to shareholders -4,409 867 -609% 776 -668% 2,390 12,453 -81% 11,107 -78% Other comprehensive income (loss) Exchange differences on translating foreign currencies 9,095 -1,825 -598% -1,629 -658% -4,793 -4,812 0% -4,292 12% Total comprehensive income (loss) for the period attributable to shareholders 4,686 -958 -589% -853 -649% -2,403 7,641 -131% 6,815 -135%
14 Condensed Consolidated Statements of Financial Position (USD in thousands) DECEMBER 31, DECEMBER 31, 2022 2021 ASSETS Non-current assets Property and equipment 714 569 Right-of-use assets 1,818 1,465 Intangible assets 88,521 25,419 Deferred compensation cost 29 — Deferred tax asset 5,832 7,028 Total non-current assets 96,914 34,481 Current assets Trade and other receivables 12,222 5,497 Inventories 75 — Cash and cash equivalents 29,664 51,047 Total current assets 41,961 56,544 Total assets 138,875 91,025 EQUITY AND LIABILITIES Equity Share capital — — Capital reserve 63,723 55,953 Treasury shares -348 — Share options and warrants reserve 4,411 2,442 Foreign exchange translation reserve -7,075 -2,282 Retained earnings 26,398 23,796 Total equity 87,109 79,909 Non-current liabilities Other payables 290 — Deferred consideration 4,774 — Contingent consideration 11,297 — Lease liability 1,518 1,286 Deferred tax liability 2,179 — Total non-current liabilities 20,058 1,286 Current liabilities Trade and other payables 6,342 3,291 Deferred income 1,692 — Deferred consideration 2,800 — Contingent consideration 19,378 — Other liability 226 — Borrowings and accrued interest — 5,944 Lease liability 554 393 Income tax payable 716 202 Total current liabilities 31,708 9,830 Total liabilities 51,766 11,116 Total equity and liabilities 138,875 91,025
15 Condensed Consolidated Statements of Cash Flows (Unaudited) (USD in thousands) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Cash flow from operating activities Income before tax -4,739 1,311 2,900 12,164 Finance (income) expenses, net 4,434 -688 -1,023 -772 Adjustments for non-cash items: Depreciation and amortization 1,401 600 6,959 2,401 Movements in credit loss allowance and write-offs -102 -31 796 -97 Fair value movement on contingent consideration 4,317 — 10,852 — Share option charge 814 529 3,214 1,995 Warrants repurchased — — -800 — Income tax paid -628 -807 -1,444 -2,092 Other — — — 70 Cash flows from operating activities before changes in working capital 5,497 914 21,454 13,669 Changes in working capital Trade and other receivables -907 193 -5,838 -549 Trade and other payables 1,673 70 3,214 877 Inventories -75 — -75 — Cash flows generated by operating activities 6,188 1,177 18,755 13,997 Cash flows from investing activities Acquisition of property and equipment — -78 -330 -305 Acquisition of intangible assets -5,824 -2,910 -8,958 -5,269 Acquisition of subsidiaries, net of cash acquired — — -23,411 — Cash flows used in investing activities -5,824 -2,988 -32,699 -5,574 Cash flows from financing activities Issue of ordinary shares — — — 39,060 Equity issue costs — — — -3,150 Treasury shares acquired -348 — -348 — Repayment of borrowings -6,000 — -6,000 — Interest paid -99 -124 -458 -509 Principal paid on lease liability -75 -66 -315 -225 Interest paid on lease liability -47 -45 -189 -188 Cash flows (used in) generated by financing activities -6,569 -235 -7,310 34,988 Net movement in cash and cash equivalents -6,205 -2,046 -21,254 43,411 Cash and cash equivalents at the beginning of the period 35,092 53,160 51,047 8,225 Net foreign exchange differences on cash and cash equivalents 777 -67 -129 -589 Cash and cash equivalents at the end of the period 29,664 51,047 29,664 51,047
16 Earnings Per Share Three Months Ended December 31, Reporting Currency Change Constant Currency Change Year Ended December 31, Reporting Currency Change Constant Currency Change 2022 2021 % % 2022 2021 % % Net income for the period attributable to shareholders -4,409 867 -609% -668% 2,390 12,453 -81% -78% Weighted-average number of ordinary shares, basic 36,467,603 33,806,422 8% 8% 35,828,204 30,886,559 -16% -16% Net income per share attributable to shareholders, basic -0.12 0.03 -500% -700% 0.07 0.4 -83% -81% Net income for the period attributable to shareholders -4,409 867 -609% -668% 2,390 12,453 -81% -78% Weighted-average number of ordinary shares, diluted 38,242,898 36,712,375 4% 4% 38,212,108 33,746,536 -13% -13% Net income per share attributable to shareholders, diluted -0.12 0.02 -700% -700% 0.06 0.37 -84% -82%
17 Adjusted Operating Expense and Adjusted Operating Profit Reconciliation Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 (in thousands USD, unaudited) (in thousands USD, unaudited) Revenue 21,349 10,291 76,507 42,323 Less Cost of sales (629) — — (2,959) — Less Adjusted operating expenses (16,707) (9,668) (60,818) (30,931) Adjusted operating profit 4,012 623 12,729 11,392 Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 (in thousands USD, unaudited) (in thousands USD, unaudited) Operating expenses (1) 21,025 9,668 71,671 30,931 Fair value movement on contingent consideration (4,317) — (10,852) — Adjusted operating expenses 16,707 9,668 60,190 30,931 (1) Operating expenses are defined as sales and marketing expenses, technology expenses, general and administrative expenses, movements in credit losses allow ances and w rite-offs, and fair value movements on contingent considerations.
18 Adjusted Net Income and Adjusted Net Income Per Share Reconciliation (1)There is no tax impact from fair va lue movement on contingent consideration and unwinding of deferred consideration. Three Months Ended December 31, Reporting Currency Change Constant Currency Change Year Ended Reporting Currency Change Constant Currency ChangeDecember 31, 2022 2021 % % 2022 2021 % % Net income for the period attributable to shareholders -4,409 867 -609% -668% 2,390 12,453 -81% -78% Fair value movement on contingent consideration(1) 4,317 — 100% 100% 10,852 — 100% 100% Unw inding of deferred consideration (1) 77 — 100% 100% 325 — 100% 100% Employees' bonuses related to acquisition(1) 628 — 100% 100% 628 — 100% 100% Adjusted net income for the period attributable to shareholders 613 867 -29% -21% 14,195 12,453 14% 28% Weighted-average number of ordinary shares, basic 36,467,603 33,806,422 8% 118% 35,828,204 30,886,559 16% 16% Net income per share attributable to shareholders, basic -0.12 0.03 -500% -700% 0.07 0.4 -83% -81% Effect of adjustments for fair value movements on contingent consideration, basic 0.11 0 100% 100% 0.3 0 100% 100% Effect of adjustments for unw inding on deferred consideration, basic 0 0 100% 100% 0.01 0 100% 100% Effect of adjustments for bonuses related to acquisition, basic 0.01 0 100% 100% 0.02 0 100% 100% Adjusted net income per share attributable to shareholders, basic 0.02 0.03 -33% — % 0.4 0.4 0% 11% Weighted-average number of ordinary shares, diluted 38,242,898 36,712,375 4% 4% 38,212,108 33,746,536 13% 13% Net income per share attributable to ordinary shareholders, diluted -0.12 0.02 -700% -700% 0.06 0.37 -84% -82% Adjusted net income per share attributable to shareholders, diluted 0.02 0.02 — % — % 0.37 0.37 0% 12%
19 EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation n/m = not meaningful 1. The acquisition costs are related to the business combinations of the Group. Three Months Ended December 31, Reporting Currency Change Constant Currency Change Year Ended Reporting Currency Change Constant Currency ChangeDecember 31, 2022 2021 % % 2022 2021 % % (in thousands USD, unaudited) (in thousands USD, unaudited) Net income for the period attributable to shareholders -4,409 867 -609% -668% 2,390 12,453 -81% -78% Add back (deduct): Interest expenses on borrowings and lease liability 150 164 -8% 3% 646 668 -3% 8% Income tax charge (credit) -330 444 -174% -183% 510 -289 -276% -298% Depreciation expense 43 52 -17% -7% 190 176 8% 21% Amortization expense 1,358 548 148% 178% 6,769 2,225 204% 241% EBITDA -3,188 2,075 -254% -272% 10,505 15,233 -31% -23% Share option charge 814 529 54% 72% 3,214 1,995 61% 81% Fair value movement on contingent consideration 4,317 — 100% 100% 10,852 — 100% 100% Unwinding of deferred consideration 77 — 100% 100% 325 — 100% 100% Foreign currency translation gains (losses), net 4,293 -874 -591% -650% -2,097 -1,540 36% 53% Other finance results -86 22 -491% -530% 103 100 3% 16% Accounting and legal fees related to offering — — — % 0% — 963 -100% -100% Employee bonuses related to the offering — — — % 0% — 1,085 -100% -100% Acquisition related costs (1) — 520 -100% 100% 539 520 4% 16% Employees' bonuses related to acquisition 628 — 100% 100% 628 — 100% 100% Adjusted EBITDA 6,855 2,272 202% 323% 24,069 18,356 31% 47% Three Months Ended December 31, Reporting Currency Change Constant Currency Change Year Ended Reporting Currency Change Constant Currency ChangeDecember 31, 2022 2021 % % 2022 2021 % % (in thousands, USD, unaudited) (in thousands, USD, unaudited) Revenue 21,349 10,291 107% 132% 76,507 42,323 81% 103% Adjusted EBITDA 6,855 2,272 202% 323% 24,069 18,356 31% 47% Adjusted EBITDA Margin 32% 22% 31% 43%
20 Free Cash Flow Reconciliation (1) Capital expenditures are defined as the acquisition of property and equipment and the acquisition of intangible assets. Three Months Ended December 31, Change Year Ended Change December 31, 2022 2021 % 2022 2021 % (in thousands USD, unaudited) (in thousands USD, unaudited) Cash flows generated by operating activities 6,188 1,177 426% 18,755 13,997 34% Capital Expenditures (1) -5,824 -2,988 -95% -9,288 -5,574 -67% Free Cash Flow 364 -1,811 -120% 9,467 8,423 12%